Recovery of loans originated in Poland update
The loans of Polish origin has been in question for some time now. As time goes by we, the DoFinance, are exploring and attempting to do everything that is possible in order to provide the best solution to our investors. Namely, DoFinance wanted to find an acceptable solution and a price tag for the said loan portfolio in order to retrieve the funds invested by our investors. Not so long ago we announced the plans to run an auction which was meant to put and end to the story whilst providing a quality solution to the investors. The good news is that we at DoFinance managed to hold the auction, however not everything went as planned – the activity was lower than expected and therefore our price conditions for the sale of portfolio were not met.
Despite this unexpected chain of events, that were not only limited to the spikes in Omicron cases paired with the drop in business activity due to Holiday season, the portfolio was not sold yet. However, the solid base of potential buyers that is now available to DoFinance means that the said portfolio sale is soon to happen. Just a few more steps left to reach the said goal.
DoFinance plan to complete the search for the best sales price and to make a deal pretty soon, however, having the previous experience, we would rather not provide the over-optimistic forecasts. The expected time frame for total completion of the sale deal is during the year 2022. This time frame is different from what was announced in the previous goal, however it is still much better than the alternative solution that involves both – several years of legal proceedings, the outcome of which is not pre-defined, as well as compensating the legal process from the retrieved funds, that will shrink the retrieved part even more.
Knowing how sensitive the issue is, we are bound to provide immediate updates as soon as new information is at hand. We value our investors, their utmost patience as well as their trust in DoFinance.